Record Enrollment Expected for Federal Health Insurance Marketplace

on Dec 15, 2022 01:48:PM

Arkansans are encouraged to review their options for health insurance coverage through the Affordable Care Act’s marketplace as the close of open enrollment on Jan. 15 draws closer. Enhanced premium tax credits are still available, thanks to the Inflation Reduction Act, meaning some individuals can get no-cost or low-cost premiums.

Marketplace enrollment is expected to reach record highs as November enrollment was 40& higher than the same period in 2021. More than 14.5 million Americans selected a marketplace plan during the 2022 enrollment period. Enrollment during the current open enrollment period is expected to be even higher.

Arkansas had its highest marketplace enrollment last year, with nearly 90,000 Arkansans purchasing coverage during open enrollment. The majority of Arkansans who enroll through the marketplace receive financial assistance to purchase coverage, but only about one-third of those eligible for financial assistance enrolled in 2020. At the time of this writing, the Arkansas Insurance Department reports that 80,464 Arkansans have currently enrolled in health coverage through the marketplace.

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